Most people go to the bank to borrow money if they want to start a business or buy new cars. They also go to the bank when they want to buy homes in Australia. Homes in Australia are very expensive to buy. One person can spend all his or her life paying the money back to the bank. House prices are very high because labour costs a lot of money. People who have low incomes feel that they will never be able to buy their dream homes. Also if there is one person in the family who goes to work, things can get more difficult. In some cultures, women prefer to stay at home even when their children grow up. Most women who were born in Australia get jobs to help raise a family. This does not happen in all cultures.
When people borrow money from the bank, they have to pay interest. This means that they have to pay more than the amount they have borrowed. Banks make tens of billions of dollars in profit each year. Some people can’t pay the money back to the bank. The bank takes the homes that those people bought to get its money back. All the bank is interested in is money and more money.
In some countries like Saudi Arabia, banks don’t charge interests because it is against the religion of the people who live in that country. If you borrow one million dollars for ten years, all you have to pay back is one million dollars. You don’t need to pay one cent more. It is against the law of that country.
In Australia there are four big banks. They have many clients and they also make a lot of money. There are also some small banks but they can’t compete with the big four. People need to shop around before they sign up for a home loan because this may make them able to save some money.
Listen to your classmate and fill in the gaps:
Most people go to the bank to borrow ................ if they want to start a business or buy new cars. They also go to the bank when they want to buy homes in Australia. Homes ................... Australia are very expensive to buy. One person can spend all his or her life paying the money back .................. the bank. House prices are very high because labour costs a lot of money. People who have ....................... incomes feel that they will never be able to buy their dream homes. Also if ....................... is one person in the family who goes to work, things can get more difficult. In some cultures, women prefer to ....................... at home even when their children grow up. Most women who were born in Australia get jobs to ..................... raise a family. This does not happen in all cultures.
When people borrow money from the bank, they have to pay interest. This ....................... that they have to pay more than the amount they have borrowed. Banks make tens of billions of ........................ in profit each year. Some people can’t pay the money ............................ to the bank. The bank takes the homes that those people bought to get its money back. All the bank is ......................... in is money and more money.
In some countries like Saudi Arabia, banks don’t charge ............................ because it is against the religion of the people who live in that country. If you borrow one million dollars ...................... ten years, all you have to pay back is one million dollars. You don’t ........................... to pay one cent more. It is against the law of that country.
In Australia there are four big banks. They have many clients and they also .................. a lot of money. There are also some small banks but they can’t compete with the ......................... four. People need to shop around before they sign up for a home loan because this may make them able to save ...................... money.
